Mahendra Kumar Agarwal, the promoter and former Chairman of logistics company Gati, has sought more time from the Hyderabad State Crime Investigation Department (CID) to appear before it. This is after the CID issued a look-out notice against him some weeks ago for allegedly cheating his family members, including his sons, of around ₹90 crore, sources told BusinessLine.
Agarwal’s two sons, Dhruv and Manish, have registered a complaint (FIR No. 622/2019 and FIR No. 623/2019) for alleged fraud and cheating, including siphoning money from their trust. The complaints were transferred to the CID this April for a probe.
Agarwal had sought the quashing of the CID look-out notice in the High Court of Telangana. But Justice T Vinod Kumar refused to stay the look-out notice and ordered the CID investigation to continue. Agarwal’s sons have even filed a writ petition against him in the High Court. Agarwal sought more time citing his age and the Covid-19 situation, the sources said.
Agarwal did not answer phone calls and Whatsapp messages from BusinessLine. Just last week, he resigned from Gati ahead of a shareholder meeting that was being held by Allcargo Logistics to remove him from the company board. Gati was acquired by Allcargo earlier this year.